Binance Allegedly Moved $2.7 Billion to Undisclosed Wallet

Binance published its proof of reserves on November 10.
Hours later, Binance transferred 2.7 Billion to an undisclosed wallet.
In their proof of reserves snapshot, several extra money is missing from other wallets.

On November 10 at about UTC 13:00:00 or 1 PM UTC, Binance published their proof of reserves post. However, according to a Reddit thread, 20 hours after publication, Binance transferred 2.7 billion USDT to another wallet. This wallet is not listed as a Binance wallet, is not identified as such, and is not included in its “Proof of Reserves” publication.

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It is noteworthy that Binance was the one that advocated for consumers to obtain their monies from exchanges. They stated that all client assets on Binance are completely backed. Additionally, they advocated for the verification of reserves and said that exchanges cannot be trusted.

Then, only recently, 200 Million tokens were returned to a publicly known Binance wallet. About 2.5 billion Tether was now left in the new, mysterious wallet that has not been released.

Additionally, there are also some additional funds missing from other wallets in their proof of reserves snapshot. The second Tron Binance wallet is missing around 2.4 Billion and the third is missing 500 Million. The bulk of these funds seems to have gone missing on the 14th Nov.

The Reddit post explains that there’s no way to explain an exchange simply shifting billions in funds into some brand new undisclosed wallet in the case of the first wallet. And they did this only 20 hours after publishing their ‘proof’ of reserves snapshot.

Conversely, the crypto community has gone out to comment. A user says;

“He’s hedging himself against his own word but believes he can get away with it.”

It is to be found out soon which statement is true if the withdrawals from exchanges continue.

Disclaimer: To the maximum extent permitted by law, Cryptonewsland disclaims any and all liability in the event any information, commentary, analysis, opinions, advice, and/or recommendations prove to be inaccurate, incomplete, or unreliable or result in any investment or other losses.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.